Yeon Jin-guk, an intern researcher at the Funding Institute. Filled with determination and passion, Yeon Jin-guk has finally been assigned his first task.
“Hey, intern researcher, would you like to write a funding research log?”
Yeon Jin-guk, who got scolded on his first day of work for confusing "cloud" with "crowd" (
How on earth did you end up becoming a research intern?Will he be able to carry out the mission successfully?Here begins Yeon Jin-guk’s Funding Exploration Journal.
Looking at the neatly organized projects on the screen, I find myself wondering about the stories behind their creation.
“Why did the creator choose crowdfunding? What does crowdfunding mean to the creator?”
In today’s exploration log, we’ll break down the reasons and motivations behind makers launching crowdfunding campaignsinto four categories.
In Wadiz funding Wadiz, anyone can launch a project, but not just anyone can do so. Only after undergoing a rigorous review process—where we thoroughly examine whether the product is truly a world-first and whether it can be delivered to backers—can a project proudly take its place among the “ongoing projects.”
If someone who truly understands crowdfunding culture were to bring a project that fits that culture, they’d probably say, “Launching aWadiz project was the easiest part.” But, “What exactly is crowdfunding culture?” (Me, Yeon Jin-guk, back when I first joined the company?), this might be a pretty demanding requirement.
For makers who came here with “commerce” in mind, the process of launching a project is bound to be a series of surprises. You may even realize that your product isn’t quite a good fit for crowdfunding. That’s why I suspect that even if you aren’t preparing a campaign for any particular reason, the process itself will naturally give it new meaning.
“What does crowdfunding mean to you as a creator? Please share your thoughts!”
I wanted to go see him right away and ask, but since I am an adult in the Land of Eastern Courtesy, I decided to look for clues among the crowdfunding projects instead.
※ Please note that the descriptions of the sample projects and funding below may differ from the actual intentions of the makers.
The Power of Communication 1: Fundraising Attracts Fans
How many of these makers were you already familiar with?
When you visit the funding homepage, a wide variety of project banners showcase their appeal. And beneath them, the makers’ names are displayed like nameplates. I scrolled down and quickly scanned the maker names—but wait, what’s this? Even after scrolling quite a bit, I only recognized one or two brands.
Here's a clue! Most of the makers who come Wadizare early-stage or small brands.
What is it that small brands need most? It’s probably not huge sales or business success.
Isn't it the most magical moment when people—one by one—start to recognize my small but precious brand, that is, when I meet my fans?
“I was envious of how brands and supporters communicate and grow togetherWadiz.”
Since 2019 Wadiz, the ‘The Perfume Soap Fragrance Project’ on Wadiz since 2019.
Source: Sorry, but there's no escaping the scent of this soap. The Perfume Soap Collection
Since small brands have few opportunities to introduce themselves and connect with fans (supporters), they actively utilize crowdfunding for this purpose. For example, the maker Librive has launched a total of 24 projects and, through engagement with fans, has built a community of 940 dedicated followers (940 maker followers as of August 2, 2022). (I'm so jealous~)
The Power of Communication 2: Crowdfunding Helps Small Brands Grow
A community within the project where makers and supporters can communicate directly community, I discovered a key insight: for small brands, crowdfunding drives growth.
Source: [Clinical Trial Complete] A Nourishing Cleansing Butter That Tackles Summer Sebum and Pores in One Go
Product reviews from backers who truly understand the maker’s vision, sincere advice for improving the product and brand, and makers who value that feedback—these three elements reveal the true meaning of crowdfunding, not for the “seasoned maker” who has perfected their craft through trial and error, but for the “new maker.”
In fact, the standard opening line for “upgrade” campaigns—which launch with improvements based on feedback from previous rounds—is, “We’ve made these improvements based on your feedback!” (What a heartwarming crowdfunding ecosystem.)
Through feedback received while communicating with supporters, makers can see both their brand and their products grow.
The Power of Storytelling: Funding Helps with Challenges and Comebacks
There is a crowdfunding project that has become the stuff of legend. A legend created by 2,500 fans—it’s no exaggeration to call it a myth. That project is the "Begin Again Youngcheol Burger" project. It was a crowdfunding project that told the maker’s story, along with students from a nearby university who shared that story, that brought Youngcheol Burger back to life after its flagship store closed in 2015.
The owner of Youngcheol Burger and students from Korea University / Source: Begin Again Youngcheol Burger Project
Another protagonist of the Ottogi legend is Gentle Maker. It was the power of “crowdfunding” that helped revive the company. Maker shared the news of the factory fire with its fans (supporters) through its news feed. The messages of encouragement and financial contributions from supporters that poured in played a crucial role in getting the factory back up and running.
Source: [Wadipay #37] “Thanks to our customers, we overcame a factory fire and are expanding overseas.” Noh Gwang-soo, Maker at Gentlemer
What is the reason these two stories became legends—in other words, why were they able to succeed?
It’s a story filled with sincerity that truly touches the hearts of supporters. And that story was made possible within the campaign’s “story.”
Oh, I’ve found a clue. What does “story” mean to a maker? If I can figure that out, I think I’ll be able to grasp one of the meanings of crowdfunding.
Source: A Miracle Survivor of the Goseong Forest Fire in Gangwon Province. My Father’s Logistic
Nogari.com Maker, who lost most of the crowdfunding rewards they were preparing and their factory in an instant due to the Goseong wildfire Nogari.com.In the project story, the maker states that they hope to convey their dreams, vision, and values through this crowdfunding campaign.
That's right. The reason why "Maker's Challenge" and "Comeback" were able to succeed through crowdfunding is that crowdfunding allows for a "story" that conveys a message full of sincerity.
In other words, funding makes it possible to take on challenges and make a comeback through storytelling.
A charred dried pollack factory / Source: A miracle survivor of the Goseong wildfire in Gangwon Province. My father’s dried pollack sticks
The Power of Solidarity: Funding Creates Social Value
Amid all the project titles boasting about their rewards, I came across some that really warmed my heart.
A title that accurately reflects the nature of the project
The stories behind these projects are filled with the origins of the crowdfunding campaigns and the reasons why they simply must succeed. As I read through them, I feel an overwhelming urge to contribute—thinking to myself, “Even though I was born a mere human and can’t possibly leave my name in everyone’s hearts, I’ll proudly leave my nickname in the supporter section.”
Yeon Jin-guk also participated in the crowdfunding campaign!
The fact that there are separate funding categories for “Social & Campaigns” and “Donations & Sponsorships” gives an idea of just how many creators and supporters are turning to crowdfunding for donation- and sponsorship-based campaigns.
Here’s another clue! Crowdfunding began with supporters cheering on (investing in or backing) makers taking on new challenges. That’s why crowdfunding still retains elements of donation and sponsorship—and what if that’s precisely what makes it so appealing?
In the cutthroat world of commerce, funds don’t come together easily unless consumers see value in what they’re paying for. That said, it’s not easy for individuals to use their own platforms to spread the word that “I’m raising funds with people who want to do good together!”
Crowdfunding platforms are home to a public eager to contribute both money and support to new challenges and initiatives that make the world a better place. Therefore, “funding” is inevitably the most appropriate method for carrying out donation- and sponsorship-based projects.
Through crowdfunding, makers can easily connect with many people who are committed to making the world a better place.
Today’s takeaway: While crowdfunding projects take a specific form, they can be interpreted in many ways. Beyond the four categories outlined above, they can also serve as a testing ground to gauge interest before diving into the cutthroat world of commerce, or as a side project for office workers dreaming of starting their own business.
Isn't the appeal of crowdfunding that it goes beyond mere bartering as a "means of making money" to serve each person's own additional purposes and meanings?
That wraps up Day 2 of my funding exploration.
I'm already excited to see what we'll explore on Day 3. (Heart racing)
View other logs 👀
Episode 1: “My First Assignment Has Been Assigned”
Episode 3: “One Heartfelt Story Is Worth More Than Ten Features”
Episode 4: “We Are the Gen Z Crowdfunding Pioneers”
Episode 5: “Is There Such a Crowdfunding Campaign? People Deeply Dedicated to a Single Cause”
Episode 6: “There’s a Crowdfunding Campaign Like This Too? Everyone’s Own Way of Thinking About the Environment”
Episode 7: “Let’s Go on a Special Trip Through Crowdfunding”
Episode 8: “Workation: I’m Going on One Through Crowdfunding!”
Episode 9: “Trendy Restaurants from Social Media, Now on Crowdfunding!”
Episode 10: “Showcasing Delicacies from Across the Country Through Crowdfunding!”
Episode 11: “Crowdfunding: A Dash of Excitement for Your Best Life”
Go toWadiz
Get Started withWadiz
The A to Z ofWadiz Go to Maker Center
Get Answers to Your QuestionsWadiz
